Mets to Pay Mega-Millions to Madoff Victims

After a last minute settlement reached on Monday, the owners of the New York Mets have agreed to pay $162 million to a fund for the victims of Bernie Madoff’s ponzi scheme.

Court-appointed trustee Irving Picard sued the team owners, Fred Wilpon and Saul Katz, for more than $300 million. Previously, Judge Jed Rakoff had ruled that the team would repay $83.8 million of its Madoff profits.

Picard accused the duo of being “willfully blind” to the fraud perpetrated by Madoff, which the defendants denied. Payments are expected to be paid over several years, after a three-year grace period.

A hearing to approve the final settlement is scheduled for April 13.

To contact the reporter on this story: Gillian White at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com

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